According to New Jersey law, within how many business days must a Producer remit health insurance premiums to the insurer?

In New Jersey, the law stipulates that a Producer must remit health insurance premiums to the insurer within seven business days. This requirement is established to ensure timely processing of premiums and maintain proper financial management within the insurance industry.

Prompt remittance helps to ensure that policyholders’ coverage is not disrupted and that the insurer can meet its cash flow and operational obligations. The specific timeframe of seven business days is designed to strike a balance between giving Producers enough time for administrative processes while ensuring that insurers receive their funds promptly to support ongoing financial operations.

Understanding this timeframe is critical for Producers to comply with state regulations and foster trust with their clients and insurers.